When remortgaging your property in the UK, one of the most common questions you might ask yourself is whether you need a conveyancing solicitor. The answer largely depends on the specifics of your situation, but understanding their role in the process can help you make an informed decision.
A conveyancing solicitor handles the legal side of transferring your mortgage from one lender to another, ensuring that all requirements are met and potential pitfalls are avoided. While they may not always be required, there are scenarios where their expertise is indispensable.
Situations where a solicitor is required
While straightforward remortgages may not always demand extensive legal input, certain situations make hiring a conveyancing solicitor unavoidable. These include:
Changing property ownership: If you’re altering the ownership structure of the property—such as adding or removing a name from the mortgage—legal expertise is critical. This might occur during a divorce, separation, or when buying out a co-owner’s share.
Leasehold properties: Leasehold properties introduce added complexity due to the involvement of a freeholder or managing agent. Your solicitor will liaise with these parties to ensure all necessary consents and documentation are in place.
Additional borrowing or equity release: If your remortgage involves releasing equity from your property, a solicitor may need to handle the legal aspects of this transaction, including any potential impact on existing agreements.
By navigating these complex scenarios, a conveyancing solicitor like SAM Conveyancing ensures the process is completed accurately and without unnecessary delays.
When do you need a conveyancing solicitor?
If you’re switching your mortgage to a new lender, it’s almost certain that you’ll need a conveyancing solicitor. This is because changing lenders involves various legal steps to transfer the mortgage and ensure the new agreement is properly formalised. The solicitor will handle several key tasks during this process, including:
Title deeds transfer: Ensuring that the property’s title deeds are updated and correctly transferred from your current lender to the new one. This is a crucial step that safeguards your ownership rights.
Mortgage redemption: Managing the repayment of your existing mortgage while arranging the setup of the new one. Your solicitor ensures all funds are accounted for and disbursed correctly.
Legal documentation: Preparing, reviewing, and finalising the legal paperwork required to complete the remortgage, such as the mortgage deed and any additional agreements.
On the other hand, if you’re staying with your current lender and simply renegotiating your mortgage rate—known as a product transfer—a solicitor is usually not necessary. Product transfers don’t involve changing the lender or title deeds, so they are far simpler.
Costs of conveyancing solicitors for remortgaging
The cost of hiring a conveyancing solicitor for remortgaging typically ranges depending on experience and work needed. This can also vary based on factors such as the value of your property, whether it’s freehold or leasehold, and the complexity of the transaction.
However, many mortgage lenders offer incentives such as free legal services or cashback for remortgage clients, which can offset some or all of these costs. Always check with your lender to understand what’s included in their remortgage packages, as this can influence your decision.
Closure
Whether or not you need a conveyancing solicitor for remortgaging depends on your specific circumstances. If you’re switching lenders or making significant changes, their expertise is essential. By choosing a reputable solicitor and understanding their role, you can ensure a seamless remortgage experience and focus on achieving your financial goals.
